OK. How is that leveraged long working or you recent buy on the dip purchases? I think this quote from John Hussman is a better representation of what I think you and Fact Checker miss. Good luck with your view though it does make a market.
“After more than three decades as a professional investor, few things are quite as familiar as the tendency of speculators to declare victory at half-time. In my view, the exodus into passive investing is little more than performance-chasing; the reflection of speculators looking in the rear-view mirror, terrifically impressed at the past outcomes of their own speculation.
There’s no sense in encouraging investors to “get out.” The fact is that it’s impossible, in aggregate, for investors to get out, because every share of stock that’s been issued has to be held by someone until that share is retired. The only question is who holds the bag on the way down. Still, it’s best for those holders to be investors whose investment horizons and risk-tolerances could tolerate a market loss on the order of 60% over the next few years (our run-of-the-mill expectation, not a worst-case scenario) and roughly zero returns over the next 10-12 years, without great distress, and without abandoning their discipline. If you’re already experiencing distress at the rather minimal level of volatility and market loss we’ve seen in recent weeks, you’re probably taking more risk than is appropriate.”